Author
Topic: This is no joy in Mudville.......... (Read 1531 times)

At least not in my area.....the public in general is either pissed off,still stupid orliving in their own little world. The Allstate Ins. Ads indicate that 'we've learneda lot in the past year"-Bullshit if 'we' have......John Q. Public in general showslittle if any real remorse or realization of their actions relative to the presentconditions of our country;the dumfuks still don't,or won't admit that their actionsled to much of what we face. Specifically,the category I'm targeting are those who twisted the original concept ofowning a home into owning a $600K mansion thru one of the various schemes and made the mistake of thinking it was 'due' them.....and,that living within one's means wasan old silly concept .Whatever financial and physical ruination visits them is well deserved,IMO.,becausewithout that punishment,there isn't any reward for those who have lived intelligently.Unfortunately,there are those good persons whose livelihoods are dependent uponthe actions of those idiots,and will suffer similarly....I do have concern for those people....but only them.

Specifically,the category I'm targeting are those who twisted the original concept ofowning a home into owning a $600K mansion thru one of the various schemes and made the mistake of thinking it was 'due' them.....and,that living within one's means wasan old silly concept.

I look back further and see the people who took the original concept of owning a home and turned it into a buying and selling pyramid scheme. Homes were constantly bought and sold with just the idea of "flipping" them for more money. I wish $600K bought a mansion here in Seattle, but nowadays (even with the downturn) it merely buys you a house that was about $150K 15 years ago. Hell, because of this, "living within one's means" does not allow home ownership at all (what with 500 sq. ft. condos still being over $200K).

I see this situation as being based purely upon an individual's greed factor and(poor) judgment.....with a heavy dose of 'entitlement' added in. IMO,it's a rarecircumstance where the usual old elements of either politics or possibly evenreligion aren't(or can't be conveniently) involved.......This (to me) is purelyhuman fukup; and while 'to error is human' as the old saying goes, this is markedly different because these individuals thought they'd found some sort of holy grail scheme toquick,easy wealth,and,looked upon anyone else not doing the same as anidiot or similar.....They'd found 'the way' to "having it all". There's a zillion variations to how this was accomplished (in the short term),but the net result was the samefor them.Bottom line-They played,they got caught,and now they're shitty, showing no signsof accepting the fact that they're centrally to blame for what's upon them at this time.That's the basis for my personal wrath-the lack of remorse-it confirms that they stillfeel that living 2 levels above where they should have been(by disregarding those silly old concepts of having savings and owing as little as possible on commodities that depreciate,etc.,etc.) was/is the correct strategy,and now are 'entitled' once againfor help to get back to where they were....What one generation forgets,the next one has to learn-the TV ads now herald in various 'new' concepts such as 'lay-away' purchasing, preparing meals at home,etc.,etc.,.These are touted about as being clever,responsible 'new' ways to'get back on track'......the dumfuks still don't 'get it'......and likely never will.

I look back further and see the people who took the original concept of owning a home and turned it into a buying and selling pyramid scheme. Homes were constantly bought and sold with just the idea of "flipping" them for more money. I wish $600K bought a mansion here in Seattle, but nowadays (even with the downturn) it merely buys you a house that was about $150K 15 years ago. Hell, because of this, "living within one's means" does not allow home ownership at all (what with 500 sq. ft. condos still being over $200K).

Eamon

That would seem to make Seattle a good place to visit.I have visited Seattle and really enjoyed it, thought of moving there in years past. Now I'm glad I didn't. But still a good place to visit!

Sold my one big property, I am very happy that the monkey of that huge mortgage is off my back..

As someone who was a flipper and almost had to walk away from things last summer let me say, this market sucks for sure.... I think we got extremely lucky to find a buyer.

If I was buying I would definitely look for a short sale and pick something up an the cheap, otherwise it might be wiser to just rent something.. You have much less liability and I really do think the market is going down further before it recovers...

Garbone I am glad it finally worked out. I have everything on hold for the moment , my company I work for is still hanging in there but is feeling the pain.But everyone is currently keeping their jobs, with a hiring freeze in place.

My Mother passed away on Jan 23rd, 2009. She had a house in the Sea Tac area (between Seattle and Tacoma). My wife, myself, and my two kids did a bunch of work on the house and were able to sell it in the crappy market last year. We got $240,000. The highest tax assesment the house ever got was about $299,000. So the bad market did drop the value, but we didn't do too bad. I kind of got stuck taking care of everything in the estate, because my brother lives in Kansas City, and I live maybe 20 miles from my Moms house.

Sadly,there are other victims of this situation- the little darlings......However will little 'Princess' manage the psychological pain and embarrassment of losing her new car,that absolutely-fukin essential cell phone attached to her ear,and the latest fashion clothing? This emotional scarring will have serious affect on our country's future,because these privileged youth have been denied so much so early intheir critical formative years will undoubtedly affect their judgment as adultslater in life.......pity......tough shit.